Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Up – Here’s What Happened

Insurance Australia Group Limited (OTCMKTS:IAUGY)’s share price gapped up prior to trading on Friday . The stock had previously closed at $25.95, but opened at $29.00. Insurance Australia Group shares last traded at $29.00, with a volume of 321 shares traded.

Wall Street Analyst Weigh In

IAUGY has been the subject of a number of analyst reports. The Goldman Sachs Group raised shares of Insurance Australia Group to a “buy” rating in a research report on Wednesday, June 24th. Zacks Research raised Insurance Australia Group to a “hold” rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Insurance Australia Group presently has an average rating of “Moderate Buy”.

Insurance Australia Group Trading Up 11.8%

The company has a market cap of $13.56 billion and a PE ratio of 10.43. The firm’s 50-day simple moving average is $28.02 and its two-hundred day simple moving average is $26.43.

About Insurance Australia Group

Insurance Australia Group (OTCMKTS:IAUGY) is a leading general insurance underwriter headquartered in Sydney, Australia. The company provides a broad range of personal and commercial insurance products, including home, motor, travel, business and liability coverage. IAG serves individual policyholders, small to mid-sized enterprises and large corporate clients through a diversified distribution network of brokers, direct sales, affinity partnerships and digital channels.

Formed in 2000 through the merger of several Australian and New Zealand insurers, IAG has since grown to become the largest general insurer in its home markets.